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(Reuters) – Plastics maker Berry Global Group Inc. has ruled out further sweetening its offer of 3.34 billion pounds sterling for UK packaging firm RPC Group, calling for the final offer .
The RPC group approved at the beginning of March a higher public tender offer, raising to 793 pence per share. Private equity firm Apollo Global Management LLC then abandoned its offer.
Berry's comments come after badysts said the market was hoping for a higher bid.
Berry said Friday that he was reserving the right to increase the bid if another party came up with an offer or a possible bid for CPP.
In January, an informed source told Reuters that Apollo would not soften its offer of 782 pence per share.
Mr Berry said the agreement had made good progress, adding that all the regulatory reports had been submitted to the competent authorities. The transaction is expected to close early in the third quarter of 2019.
The US activist hedge fund Elliott Capital increased its stake in PRC to 7.9%, a day after revealing a 5.6% stake. Elliott refuses to comment on the purchase of the stake.
Berry's offer on RPC is the latest merger and acquisition transaction in the packaging sector, where private equity firms have focused on stable cash flow and online shopping demand.
Report by Arathy S Nair in Bengaluru; Edited by Gopakumar Warrier and Subhranshu Sahu
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